Let’s Do This Yet Again

Yes, here I am again. On this late Saturday afternoon, I’m relaxing at my computer at home and felt like getting on the blog to share some stats! What can I say, I love what I do. If you’re a return visitor, you know I have mixed feelings about doing these types of updates. On one hand, I wonder if people find them BORING? On the other hand, following the stats in a market like this is IMPORTANT. At the end of the day, I suppose it’s up to personality type.

Being a Las Vegas real estate broker, I love knowing the numbers (it’s a big part of how I negotiate for my clients). From single family homes in Summerlin to luxury condos such as the upcoming Four Seasons Private Residences Las Vegas, I pay CLOSE attention to what is going on. And let me tell you, it pays off for my clients.

In My Last Market Update…

In my last market update (on Dec. 29th, 2022), I had pointed out how there had been a continued downward trend of single family homes for sale in the valley. This trend goes back a few months. And anyone who reads my blog knows I tell it like it is. Inventory had SKYROCKETED after the market hit its peak in April, 2022. I spoke VERY OPENLY about that here. However, with interest rates coming down for several weeks straight, the market is holding its own.

The Latest

So we know that as of the week of December 26th, there were 6,549 single family homes on the market (across the valley). As of the week of February 6th, there were 5,376. That is another 1,000 homes no longer on the market. I have a feeling this irks people to hear, but it’s the truth. And as I like to say, the truth hurts but it will set you free.

(Cont.)

Other Interesting Stats

• The median home price in LVV in $425,000.
• There were 808 SFR price reductions since the previous week
• 40.8% of homes sell in under 30 days, 27.2% in 31-60 days, 15.6% in 61.90 days

What Kind Of Market Is This?

I like to still think of the market as more of a standoff. While rates are easing and potential buyers are starting to accept they missed the post-pandemic BONKERS LOW RATE days, everyone needs to come together to find win/win situations. Stats are just one factor of dozens when it comes to whether or not buying a piece of real estate at this time is good or bad for you.

When and if you’d like to take a deeper look into if NOW is the time to purchase, I’ll be here, living out my dream life in Sin City.

Also Read: One Factor That Makes The Four Seasons Private Residences Special